时间到了8月中下旬，今年的夏季也即将迎来尾声。 在2025年夏天，雪糕/冰淇淋类目表现如何？相比2024/2023年同期，展现出了什么样的变化与趋势？在本周，马上赢将为您带来雪糕/冰淇淋类目的专题研 究，共同观察这一类目在今夏的走势。为了更加聚焦夏日这一类目销售旺季的表现情况，我们选取了2025年5-7月为观察时间段，同比时间段为2024年、 2023年同期。 复盘数据均来自于马上赢品牌CT，马上赢MSY150均衡模型及马上赢全量门店模型，使用的模型在数据图中均有标注。马上赢品牌CT数据覆盖了全国县 级以上各等级城市（不含乡、镇、村），并深度覆盖全国核心城市群，业态覆盖包括大卖场、大超市、小超市、便利店、食杂店。目前，马上赢品牌CT 中的品牌超30万个，商品条码量超过1400万个，年订单数超过50亿笔。 从 2023 年观察期至 2025 年观察期的销售额、销售量指数来看，以 2023 年观察期的销售额、销售量基准指数100作为标尺，可以看到，2024 年观察期销 售额指数下降至 90.54，销售量指数降至 95.35；2025 年，销售额指数继续下探至 86.67，而销售量指数降至 94.18，虽然销量下滑 ...

迷你为什么是一种重要创新 今年夏天，我身边的人几乎都买了盒马的一款mini巧克力甜筒冰淇淋，并积极向我安利。 因为它非常小，一支只有42g，而且甜筒里的雪糕只有一点点，完全戳中了爱吃可爱多脆皮尖尖最后一口的用户群体。几口就吃完了，几乎没有热量心理 负担。 光明的冰砖也变成了"冰格"，一块30g，一两口的分量，甚至被开发出了新吃法——早上咖啡里放一颗当雪顶。 中街的mini亲子分享装，更是一支只有20g，令人忍俊不禁。 "迷你"，是一人经济之上更加极致的形态。一人份的产品，满足的是单个人的温饱，但迷你，则应该意味着选择更加丰富、单个负担更低的产品。 打开本土的生鲜电商平台，原本就比山姆分量小的烘焙、甜品，如今进一步mini化，变成了2颗装、1颗装。 以往并非没有mini冰淇淋、mini零食，不过近一段时间，这种风潮似乎越来越强盛。 去年年中，可口可乐中国再推248ml的口袋瓶。多年前可口可乐就推出了200ml的mini罐，当时的理念是"健康"。 新的考量则是让消费者觉得更便宜，"契合现代人快节奏生活方式，降低消费者初次尝试门槛"。这也是可口可乐在疫情后的重要策略，当消费者担心支出 时，"包装创新发挥了更大的作用 ...

Core Viewpoint - The article discusses the rapid expansion and challenges faced by the high-end ice cream brand "野人先生" (Mr. Wildman), which has grown significantly in the market but is now encountering various pressures and competition [5][15]. Group 1: Company Overview - 野人先生 was founded in 2011, initially focusing on fresh fruit ice cream, and entered the Italian gelato market in 2015 [7]. - The company adopted a cautious expansion strategy until 2023, when it opened 63 new stores, followed by over 160 stores in 2024 and more than 280 stores in the first five months of 2025, bringing the total to over 900 stores nationwide [7][10]. - The brand's positioning as a high-end product is reflected in its pricing, with single flavors priced between 28 to 38 yuan [10][11]. Group 2: Market Position and Strategy - 野人先生's unique selling proposition includes "made fresh daily, no overnight storage," which has attracted a young consumer base [10][15]. - The brand shifted from a direct sales model to a franchise model in 2023, leading to rapid growth in store numbers, with a reported gross margin of over 60% and a payback period of around 12 months for franchisees [11][12]. - The overall ice cream market in China is projected to reach 183.5 billion yuan in 2024, with the Italian gelato segment growing at a 10% year-on-year rate, surpassing 12 billion yuan [11]. Group 3: Challenges and Competition - Despite its rapid growth, 野人先生 faces challenges such as quality control issues, as some consumers have questioned the authenticity of its "freshly made" claim [15][24]. - The high price point of 野人先生's products has led to scrutiny, especially as the overall high-end ice cream market is under pressure, with competitors like DQ and Häagen-Dazs also struggling [15][16]. - The competitive landscape includes emerging brands like 波比艾斯, which has rapidly expanded to over 1,150 stores, posing a direct threat to 野人先生's market share [21][24].

Core Insights - In the first half of 2025, Mengniu Dairy Company has made significant progress in its internationalization strategy, with multiple brands performing well in overseas markets [1] - The company is focusing on high-growth potential markets and optimizing global resource allocation through a "one body, two wings" strategic framework [1] Group 1: International Expansion - The Aisle Ice Cream brand has maintained its leading position in Southeast Asia while gradually expanding into emerging markets such as Africa and Latin America [1] - Aisle has received over $100 million in additional investment from strategic shareholders to support its rapid expansion in Southeast Asia and other new markets [1] - Aisle's localized operational strategy has led to rapid business scale expansion since entering the Indonesian market in 2015 [1][2] Group 2: Product Development and Market Penetration - Aisle has developed a dessert series of ice cream products tailored to Indonesian consumer preferences, gaining market recognition [2] - The brand has implemented an "ice cabinet deployment plan," placing nearly 600,000 ice cabinets in rural areas, covering about 400,000 retail terminals [2] - Aisle's annual sales in Indonesia grew from 20 million to 1.2 billion yuan within three years, achieving a market share of 34% [2] Group 3: Supply Chain and Production - Aisle has established a complete localized supply chain system, including joint ventures for cold chain infrastructure and three self-built production bases in Indonesia [2] - The brand has built four production bases in Southeast Asia, creating a solid competitive barrier through its "R&D + channel + supply chain" localized operational model [2] Group 4: Global Strategy - Aisle is accelerating its global expansion by targeting Africa and Latin America, having completed the business structure setup for these regions [3] - In Africa, Aisle is forming a localized operational team and developing products suited to local consumer tastes and spending levels [3] - In Latin America, Aisle has chosen Brazil as its entry point and is building a localized marketing system [3] Group 5: Bellamy's Growth - Bellamy, as a key pillar of Mengniu's international strategy, is showing strong growth momentum in the Southeast Asian market [3] - The brand has successfully upgraded its product line in Vietnam, with new products launched in both Australia and Vietnam [4] - Bellamy's brand influence in Vietnam is increasing, supported by media coverage and visits from government representatives [4]

Core Points - The Thai FDA announced the winners of the "2025 Thailand FDA Quality Award," with Yili's Thailand subsidiary being the only Chinese company recognized this year for its outstanding quality management system and product quality [1][3] - This marks the sixth consecutive year that Yili's Thailand subsidiary has received this honor, highlighting the company's strong reputation in the local market and its leading position in global food quality [3][18] Quality Management and Standards - The Thai FDA Quality Award has stringent evaluation criteria, including raw material sourcing, standardized production operations, product testing, quality maintenance during distribution, and corporate social responsibility [5] - Yili's Thailand subsidiary excelled in areas such as intelligent process management, strict cleanliness standards, and industry-leading automation, which impressed the evaluation experts [5][15] - The company employs 32 experienced quality management and technical personnel, with many holding international certifications, ensuring robust daily quality control [15] Market Performance - Yili's products have gained a strong reputation for "safety, health, and deliciousness," leading to a continuous increase in market share in Thailand [7] - The annual production of ice cream at Yili's Thailand subsidiary has reached 20,000 tons, with an average annual sales growth rate exceeding 13.7% over the past three years [16] - The Cremo brand has become one of the fastest-growing ice cream brands in Thailand, consistently ranking among the top three in the market [16] International Recognition - Cremo ice cream has received accolades such as the "Best Ice Cream" recommendation and nomination at the 2025 World Dairy Innovation Awards [16][18] - The continuous recognition from the Thai FDA reflects the international community's acknowledgment of Yili's internationalization strategy and quality management capabilities [18]

Group 1: Company Overview - Häagen-Dazs' parent company, General Mills, is considering selling its ice cream stores in China, with potential transaction amounts between $500 million to $800 million [1] - Starbucks China is also evaluating over 20 interested institutions for a potential sale, while retaining a 30% stake in the business [1] - Both companies are facing significant challenges in maintaining their brand positioning and growth in the Chinese market [2][20] Group 2: Market Positioning and Strategy - Häagen-Dazs entered the Chinese market in 1996 with a high-end positioning, targeting affluent urban consumers [2][3] - The brand's premium pricing strategy, with ice cream priced at 25 yuan during a time when average monthly wages were around 500 yuan, aligned with its luxury image [3] - Starbucks adopted a similar strategy, initially entering through joint ventures and later transitioning to direct control of its stores in China [8][9] Group 3: Financial Performance and Challenges - Häagen-Dazs experienced rapid growth in China from 2006 to 2015, with annual sales growth rates around 23% [5] - However, by 2023, Häagen-Dazs began closing stores, with over 60 closures reported in 2024, reducing its total to approximately 250 stores [16][20] - Starbucks has also faced declining same-store sales for five consecutive quarters, with a market share drop from 42% in 2017 to an estimated 14% by 2024 [11][28] Group 4: Competitive Landscape - The rise of new tea brands and coffee competitors like Luckin Coffee has significantly impacted both Häagen-Dazs and Starbucks, leading to price wars and market share erosion [9][11] - Häagen-Dazs has started to pivot towards retail and e-commerce channels, while Starbucks is focusing on expanding into lower-tier cities [10][12][13] - The high fixed costs associated with their premium positioning have exposed structural weaknesses for both brands, leading to a search for external capital to alleviate current crises [20][21] Group 5: Future Outlook - The Chinese ice cream market is projected to reach 183.5 billion yuan in 2024, with new players entering the high-end segment [23] - Starbucks is exploring partnerships with major investment firms to enhance its market presence and supply chain in China [28] - Both Häagen-Dazs and Starbucks are navigating a challenging landscape, seeking to adapt their strategies to maintain relevance and profitability in a rapidly changing market [20][28]

Core Viewpoint - The article discusses the ongoing changes in the global ice cream industry, particularly focusing on the potential acquisition of Froneri by Goldman Sachs and the challenges faced by Häagen-Dazs in the Chinese market, highlighting the shift towards a "quality-price ratio era" in consumer preferences [4][5][29]. Group 1: Market Dynamics - Goldman Sachs is preparing to acquire Froneri for €15 billion (approximately ¥120 billion), which could reshape the global ice cream market [5]. - The acquisition may lead to increased market concentration, brand strategy adjustments, and supply chain integration, particularly in the U.S. ice cream market [8]. - Despite the acquisition, Häagen-Dazs' operations in China will remain under General Mills, indicating potential regional disparities in brand development [8]. Group 2: Häagen-Dazs Challenges in China - General Mills reported a 5% decline in net sales to $4.8 billion (approximately ¥34.8 billion) in Q3 2025, with a 3% drop in international market sales attributed to declines in China and Brazil [10]. - Häagen-Dazs faces a significant reduction in store numbers, from 466 in January 2024 to 370 by July 2025, alongside a double-digit decline in customer traffic [12][10]. - The brand is experiencing increased competition from emerging tea and coffee brands, which are diverting market share away from Häagen-Dazs [13]. Group 3: Consumer Behavior and Market Trends - The Chinese ice cream market is shifting towards more affordable options, with products priced between ¥3-5 accounting for 45.98% of sales, while high-priced products above ¥12 have seen a decline to 3.95% [21][22]. - Consumers are increasingly prioritizing quality-price balance over brand prestige, leading to a decrease in Häagen-Dazs' customer loyalty despite its high price point [15][21]. - The market is evolving from "functional consumption" to "experiential consumption," with consumers valuing emotional and social aspects of their purchases [23]. Group 4: Future Development Trends - If Goldman Sachs successfully acquires Froneri, it may strengthen Häagen-Dazs' position in the high-end market in Europe and the U.S., while facing strategic challenges from partners like Nestlé [26]. - General Mills must enhance value-for-money offerings, optimize distribution channels, and innovate locally to maintain brand appeal in China [26]. - Multi-channel operations and expanding consumer experiences will be crucial for Häagen-Dazs to redefine its brand value and market presence [26].

Core Viewpoint - Goldman Sachs is reportedly in talks with French private equity firm PAI to acquire a stake in Froneri, the world's second-largest ice cream manufacturer, for approximately 125 billion RMB, which has garnered significant attention due to Froneri's ownership of well-known brands like Häagen-Dazs, Oreo, and Cadbury [1] Group 1: Company Strategy - Goldman Sachs is diversifying its business model beyond traditional capital market roles, seeking direct investments in high-growth potential companies, exemplified by the potential acquisition of Froneri [3] - The acquisition reflects Goldman Sachs' long-term optimism about the premium ice cream market, with Häagen-Dazs being a globally recognized brand that could enhance resource allocation and market competitiveness [3] - The move aligns with investment philosophies similar to Warren Buffett's, focusing on companies with strong competitive advantages and effective management, indicating a strategy of active involvement in Häagen-Dazs' operations [4] Group 2: Market Context - The interest in acquiring Häagen-Dazs is indicative of a broader trend where high-quality assets are increasingly sought after by investors, highlighting the competitive landscape for premium brands with stable profitability and growth potential [6] - Goldman Sachs' financial strength and management expertise position it favorably in the competitive pursuit of quality assets in the evolving global economic environment [6]

Core Viewpoint - The article discusses the contrasting fortunes of the ice cream market in China, highlighting the rapid growth of the brand "野人先生" (Mr. Wildman) amidst a general decline in high-end ice cream investments and sales, exemplified by the struggles of established brands like Häagen-Dazs and the bankruptcy of钟薛高 (Chongxuegao) [3][15][19]. Market Trends - The consumer investment landscape has been sluggish for several years, with a significant drop in the number and amount of investments in the consumer sector, particularly in ice cream [4][16]. - Data from CVSource indicates that investment activity in the consumer sector has decreased, with many investment firms in East China, South China, and Northern regions reporting only single-digit project launches in 2025 [4]. Company Performance - "野人先生" has opened 500 new stores in just five months, surpassing Häagen-Dazs' 247 stores in China, and is in the process of initiating an IPO [7][19]. - The brand's pricing strategy positions its ice cream at around 28-38 yuan, which is considered high-end, yet it has managed to maintain a gross margin exceeding 60% and a payback period of 12 months for franchise stores [12][13]. Founder Background - The founder, 崔渐为 (Cui Jianwei), has a background in finance and a personal story of transitioning from a high-paying job to entrepreneurship, driven by insights gained from his experience in the Italian ice cream market [9][10]. Market Dynamics - The overall ice cream market in China is projected to grow from 180 billion yuan in 2024 to 220 billion yuan by 2025, indicating a robust demand despite the challenges faced by premium brands [19]. - The article notes that consumer preferences are shifting towards value-for-money products, which may explain the struggles of high-end brands and the success of "野人先生" [16]. Competitive Landscape - The article contrasts "野人先生" with other high-end brands that have faced difficulties, such as the decline of茅台冰淇淋 (Moutai Ice Cream) and the bankruptcy of钟薛高, suggesting a potential shift in consumer behavior towards more affordable options [15][18]. - The success of "野人先生" is attributed to its focus on fresh ingredients and strategic store locations, primarily in indoor shopping centers, which allows for year-round sales [20].

Group 1: Investment and Financing - The bubble tea brand "Bieyang Bubble" has completed angel round financing of 10 million yuan, with funds primarily allocated for team building and product refinement [2] - The metaverse game developer MiAO has received a new investment of 140 million yuan, bringing its valuation to nearly 2 billion yuan [3] - The AR company "Liangliang Vision" confirmed over 100 million yuan in strategic financing, aimed at advancing AR glasses development and expanding international market reach [4] - "Xinglian Future" has completed a Pre-A round financing of several tens of millions of yuan, focusing on developing smart collars for pets [5] - "Zero Six Two Nine Cultural Technology" secured seed round financing of several million yuan to enhance its capabilities in children's content IP incubation [6] Group 2: Company Developments - The ice cream brand "Yeren Xiansheng" has no plans for an IPO, focusing instead on sustainable growth and rapid store expansion, with over 900 stores opened [8][9] - "Pang Dong Lai" reported a cumulative sales of 13.585 billion yuan this year, nearing 80% of last year's total sales, with supermarkets being the largest revenue contributor [10] - "Heytea" has opened a new store in Cupertino, California, marking significant international expansion with over 100 overseas locations [11][12] - TikTok is testing local lifestyle services in the U.S. by partnering with Booking.com for hotel reservations, aiming to attract new advertisers [13] Group 3: Market Trends - The summer movie market is expected to see a blockbuster, with total box office surpassing 1.5 billion yuan, led by the film "Nanjing Photo Studio" [17] - Dongguan has introduced new policies to promote the trendy toy industry, allocating 120 million yuan for high-quality development [18] - U.S. imports fell sharply by 8.4% in June due to tariff increases, with predictions of a 5.6% decline in total imports for the year [19]